Lender Processing Services reported that the national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier.  Home mortgages becoming 30-days delinquent lead the overall uptick, according to the report, while new real estate owned (REO) assets slipped from recent all-time highs. More than 7.3m mortgages in some stage of delinquency or REO.
The national foreclosure inventory rate was nearly 3.2% in May, up from 3.18% in April, bringing the total non-current rate of loans either delinquent or in foreclosure to 12.4%. The average number of days elapsing from the time a mortgage becomes 30 days delinquent to foreclosure sale continued to rise in May, reaching a record-high of 449 days. The rates of mortgages rolling into later stages of delinquency also increased, with 2.5 loans rolling into a “worse” status for every one that improved in May. Cure rates declined in every stage of delinquency except for the “greater than six months delinquent” stage, and overall are back down to levels experienced over the previous two years.
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